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Power to tenant for life to leave part of purchase money outstanding.
45 & 46 Vict. c. 38.
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6. Where a landlord of a holding is a tenant for life, or has the powers of a tenant for life within the meaning of those expressions as used in the Settled Land Act, 1882, and is selling such holding to the tenant thereof, he may exercise, to the same extent as if he were an absolute owner, the power of permitting any sum not exceeding one fourth of the purchase money to remain as a charge upon such holding secured by a mortgage; and in case any advance is made by the Land Commission to the tenant for the purchase of such holding, any such mortgage shall be subject to any charge in favour of the Land Commission for securing such advance; and any such mortgage shall be deemed to be part of the purchase money payable in respect of such holding, and the money secured thereby when paid shall be dealt with as if it were capital money arising under the Settled Land Act, 1882, or purchase money otherwise payable under this Act.
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